Veruca sells therapeutic bath salts on the Internet. Her annual revenue is $52,000 per year, the explicit costs of her business are $14,000, and the opportunity costs of her business are $17,000 per year
What are the implicit costs of her business?
A) $14,000 B) $17,000 C) $21,000 D) $31,000
B
Economics
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Your willingness to pay more to fly to your vacation spot on the coast rather than incur the cost of driving there indicates that:
a. you place a high value on your time. b. you place a low value on your time. c. you believe time has zero value. d. you believe time is valued at your wage level.
Economics
Exhibit 21-3 Potatoes and wheat output (tons per day) CountryPotatoes Wheat United States4 2 Ireland3 1 In Exhibit 21-3, the United States has an absolute advantage in producing:
A. potatoes. B. wheat. C. both. D. neither.
Economics